BWI: Mitsubishi Electric and Messung Group Sign Business Transfer Agreement

Press release from Business Wire India
Source: Mitsubishi Electric India Pvt. Ltd.
Monday, January 23, 2012 04:38 PM IST (11:08 AM GMT)
Editors: General: Consumer interest; Business: Banking & financial services, Business services, Electronic appliances & components; Technology
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Mitsubishi Electric and Messung Group Sign Business Transfer Agreement


Gurgaon, Haryana and Pune, Maharashtra, India, Monday, January 23, 2012 -- (Business Wire India) -- Mitsubishi Electric India Pvt. Ltd. and the Messung Group jointly announced that they have signed a business transfer agreement to merge the operations of the Messung Group with Mitsubishi Electric India. The Messung Group an Indian manufacturer of programmable logic controllers (PLCs) and human machine interfaces (HMIs) and currently one of Mitsubishi Electric's sales and distribution partners in India. The acquisition will allow Mitsubishi Electric to accelerate its industrial automation systems business in India and strengthen local sales and solutions, aiming at sales of JPY 15 billion by the fiscal year ending March 2016.

The business transfer agreement signed by the two parties in December 2011 is expected to be completed by the end of March 2012 to finalize the acquisition. Operations of the consolidated business will commence in April.

The industrial automation market in India is expected to grow by more than 10% annually. At the forefront of the industrial automation business in India, the Messung Group has been Mitsubishi Electric's sales and distribution partner for 17 years. The Messung Group has built strong relationships in industries like automotive, printing, textile, pharmaceutical and food and beverage industries by providing technical support and solutions to industrial automation equipment manufacturers. Mitsubishi Electric India will leverage the Messung Group's expertise in sales, manufacturing and development, to strengthen its solution business and penetrate more deeply into this fast-growing market under a growing commitment to provide quality products and services to Indian customers.

Mitsubishi Electric India Pvt. Ltd. and MESSUNG group details:

About Mitsubishi Electric

With 90 years of experience in providing reliable, high-quality products to both corporate clients and general consumers all over the world, Mitsubishi Electric Corporation (TOKYO: 6503) is a recognized world leader in the manufacture, marketing and sales of electrical and electronic equipment used in information processing and communications, space development and satellite communications, consumer electronics, industrial technology, energy, transportation and building equipment. The company recorded consolidated group sales of 3,645.3 billion yen (US$ 43.9 billion*) in the fiscal year ended March 31, 2011. For more information visit http://www.MitsubishiElectric.com

*At an exchange rate of 83 yen to the US dollar, the rate given by the Tokyo Foreign Exchange Market on March 31, 2011

About Messung Group

Established in 1981, Messung pioneered the first indigenous PLC in India in competition with multinationals in an era with strict import restrictions and a closed market. Having received accolades for its pioneering efforts, Messung took advantage of the opening of the market in India in 1995, by becoming a distributor for Mitsubishi Electric FA products in India. Combining the experience and talent acquired in developing the indigenous PLC and HMI products, and the world-class FA products of Mitsubishi Electric, Messung built a strong team of engineers, system houses and area offices all over India to garner market share in major verticals. Today, Messung has an indigenous R&D and manufacturing setup along with a strong sales and service network.

Customer Inquiries:
Factory Automation & Industrial Department
Mitsubishi Electric India Pvt Ltd

Tel: +91-124-4630300
Fax: +91-124-4630399

Http://www.MitsubishiElectric.in
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CONTACT DETAILS
Arti Asthana, Strategic Planning & Business Development Department., Mitsubishi Electric India Pvt. Ltd., +91 (124) 4630300, Arti.Asthana@asia.meap.com

KEYWORDS
CONSUMER, BANKING, BUSINESS SERVICES, ELECTRONICS, TECHNOLOGY

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